Prices for apartments in Turkey increased by 25.8 percent in a year, in Antalya province - by 39.72 percent

Prices for apartments in Turkey increased by 25.8 percent in a year, in Antalya province - by 39.72 percent

Founder and CEO of Turkey's online real estate appraisal platform Endeksacom Görkem Ogüt analyzed the world ranking of real estate price growth rates. According to the world real estate market index, published by the British company Knight Frank, the TOP-150 cities where housing is becoming more expensive were headed by three Turkish cities. Izmir took the first place in the world ranking (28.1 percent of growth in house prices for the year), in second place - Ankara (26.4 percent growth), third place was taken by Istanbul (20.2 percent growth).

Görkem Ogüt: “Although the highest growth in property prices in Turkey was recorded by international experts in Izmir, in reality, much higher growth rates (by 39-50 percent) have been observed in the provinces of Mugla, Antalya, Diyarbakir and Gaziantep. So it turns out that today Turkey is far ahead of other countries in terms of real estate prices growth. However, for a long time we were at the bottom of the world's real estate ratings. There has been a downward trend in prices in the Turkish real estate market since 2018, but the recent mortgage campaign with record low interest rates has stopped this decline - over the past year, apartment prices in Turkey have already increased by 25.8 percent. In some provinces, the actual growth rates of property prices are well above this average. For example, in Mugla, housing prices increased by 40.56 percent, in Antalya - by 39.72 percent. We also expect that prices will continue to rise driven by a decrease in stocks of new homes for sale as well as increased construction costs. New apartments, which are more expensive in terms of prime cost, are already entering the market, so the rise in prices will continue."

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